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Sangamon Sun

Sunday, November 24, 2024

Former state university employee Lowe paid in $59K to pension fund, could collect $917K in retirement

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Former state university employee Randy Lowe, who retired in February 2018, saved $58,882 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lowe would collect as much as $916,627, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Lowe received $19,266 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lowe will have already received $59,549 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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